OPEN-SOURCE SCRIPT
Volume Weighted Distance
This script holds several useful functions from statistics and machine learning (ML) and takes measurement of a volume weighted distance in order to identify local trends. It attempts at applying ML techniques to time series processing, shows how different distance measures behave and gives you an arsenal of tools for your endeavors. Tested with BTCUSD.
REM: oddly enough, many people forget that the scripts in PS are generally just STUDIES, i.e. exercises, experiments, trials, and do not embody a final solution. Please treat them as intended ;))
REM: oddly enough, many people forget that the scripts in PS are generally just STUDIES, i.e. exercises, experiments, trials, and do not embody a final solution. Please treat them as intended ;))
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.